Colorado

Jupiter Equities Acquires 140-Unit Caliber at Cornerstar Apartment Complex in Colorado for $40.7M

by Amy Works July 16, 2019

AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.

July 16, 2019

Acquisitions California Colorado Industrial Top Stories Western

Prologis to Acquire Industrial Property Trust for Nearly $4B

by John Nelson July 16, 2019

SAN FRANCISCO AND DENVER — Prologis Inc. (NYSE: PLD) has signed a definitive merger agreement to acquire Industrial Property Trust Inc. (IPT) in a deal valued just shy of $4 billion. IPT is an industrial real estate investment platform sponsored by Black Creek Group, a real estate investment manager and development firm based in Denver. If approved by IPT’s shareholders, the overall transaction would span 236 properties located across 24 geographic areas. The roughly 37.5 million-square-foot portfolio is currently 97 percent leased. About 96 percent of the affected properties are in markets where Prologis already has a presence. The transaction would expand the San Francisco-based firm’s holdings in Southern California, the Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. “This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” says Eugene Reilly, chief investment officer of Prologis. “We expect to capture significant cost and revenue synergies.” The merger will include 100 percent of IPT’s wholly owned real estate assets, but will exclude the firm’s minority ownership interests in two unconsolidated joint venture partnerships valued at approximately $295 million. Black Creek Group expects to determine the …

July 16, 2019

Acquisitions Colorado Retail Washington Western

Loja Real Estate Acquires Pair of Western Shopping Centers for $34.4M

by Jeff Shaw July 10, 2019

LITTLETON, COLO., AND WOODINVILLE, WASH. — Loja Real Estate has acquired two shopping centers in Colorado and Washington for a combined $34.4 million. Loja purchased Village West in the Denver suburb of Littleton for $19.4 million. TJ Maxx anchors the property. Palmer Capital represented the unnamed seller in the transaction. Loja bought Woodgate Center in the Seattle-area city of Woodinville for $15 million. Capital Pacific represented the unnamed seller in the transaction.

July 10, 2019

Gaylord Rockies Resort & Convention Center in Aurora, Colorado

Colorado Hospitality Loans Top Stories Western

Ryman Hospitality Receives $880M Refinancing for Gaylord Rockies Resort & Convention Center Near Denver

by Jeff Shaw July 5, 2019

AURORA, COLO. — Ryman Hospitality Properties Inc. (NYSE: RHP) has received a financing package totaling $880 million to refinance the construction and mezzanine loans for Gaylord Rockies Resort & Convention Center in Aurora, just east of Denver. Wells Fargo both provided and arranged the loan. Sitting on 85 acres, Gaylord Rockies features over 1,500 guest rooms including 114 suites and over 485,000 square feet of meeting and convention space. Amenities include eight restaurants, a spa/salon, multiple retail shops and a $25 million indoor/outdoor water park. Marriott International operates the resort, which opened in December 2018. Ryman Hospitality is a publicly traded lodging REIT specializing in destination hotel assets in urban and resort markets. The original loans were scheduled to mature in December 2019. Although the owner of the property is a joint venture, with Ryman owning 61.2 percent of the property, the other owners were not disclosed. The new loan consists of an $800 million term loan and an additional $80 million of borrowing capacity should the joint venture decide to pursue a future expansion. The new loan matures in July 2023 with three one-year extension options and bears an interest rate at LIBOR plus 2.5 percent. Simultaneously with the …

July 5, 2019

Acquisitions Colorado Multifamily Western

Nexus Negotiates $2.6M Sale of Multifamily Property in Metro Denver

by Jeff Shaw July 2, 2019

WESTMINSTER, COLO. — Nexus Commercial Realty LLC has closed on the $2.6 million sale of The Abbey at Westminster, a 16-unit multifamily property at 7120 Hooker St. in Denver. Austin Smith and Sean Holamon of Nexus represented the seller, 7120 Hooker LLC. Gunnar Wilson, Brandon Kaufman and Nik McCarter represented the buyer, Claude and Tiffany Cismaru. The Abbey at Westminster totals 11,888 square feet and offers a mix of one- and two- bedroom units.

July 2, 2019

Acquisitions Colorado Office Western

RMR Office Property Fund Purchases Belleview Corporate Plaza in Denver for $39.1M

by Kristin Harlow July 1, 2019

DENVER — RMR Office Property Fund LP has acquired Belleview Corporate Plaza, a two-building, 172,220-square-foot office property in Denver, for $39.1 million. Belleview Corporate Plaza is situated close to several retail and dining amenities and is near a light rail station. The property is 98 percent leased with a weighted average lease term of 6.5 years.

July 1, 2019

Acquisitions Colorado Loans Multifamily Western

Griffis Residential Receives $45.6M Acquisition Loan for Talavera Apartments in Denver

by Amy Works June 26, 2019

DENVER — Griffis Residential has received $45.6 million in financing for the acquisition of Talavera Apartments, a mid-rise multifamily community at 350 S. Jackson St. in Denver. Eric Tupler and Josh Simon of HFF secured the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corp. The loan, which was used to fund the acquisition of the property, carries a 3.53 percent fixed interest rate with full-term interest-only payments. Built in 2008, Talavera Apartments features 240 units in a mix of studio, one- and two-bedroom layouts, averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers/dryers, stainless steel appliances and Amazon lockers. At the time of closing, the property was more than 97 percent leased.

June 26, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $17.2M Acquisition of Regal Estates Apartments in Colorado Springs

by Amy Works June 24, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of Regal Estates Apartments, a multifamily property located at 105, 115, 125, 135, 145 and 155 S. Academy Blvd. in Colorado Springs. Hazel Grace LLC acquired the 150-unit property from an undisclosed seller for $17.2 million. Mike Krebsbach of Pinnacle Real Estate represented the buyer in the deal.

June 24, 2019

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $5.1M Sale of Central Park Plaza Retail Asset in Denver

by Amy Works June 24, 2019

DENVER — Marcus & Millichap has brokered the sale of Central Park Plaza, a shopping center located in Denver’s Stapleton neighborhood. A private investor acquired the property for $5.1 million. Located at 5096 Central Park Blvd., Central Park Plaza features 17,844 square feet of retail space. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer and seller, a private investor, in the deal.

June 24, 2019

Acquisitions Colorado Multifamily Student Housing Western

Pinnacle Real Estate Arranges $1.9M Sale of Bear’s Den Apartments Near University of Northern Colorado

by Amy Works June 19, 2019

GREELEY, COLO. — Pinnacle Real Estate Advisors has arranged the $1.9 million sale of Bear’s Den Apartments, a multifamily property located adjacent to the University of Northern Colorado campus in Greeley. The community consists of 16 units in four buildings. Scott Fetter and Joe Hornstein of Pinnacle brokered the transaction. The buyer acquired the property through a 1031 exchange. The seller was not disclosed.

June 19, 2019

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